Mindspace Business Parks REIT

494.98-0.6%

2026-08-21

mindspacereit.comBSE: 543217NSE: MINDSPACE
Market Cap₹ 0 Cr.
Current Price₹ 332
High / Low₹ 512 / 417
Stock P/E
Book Value
Price to Book1.94
Dividend Yield0.00 %
ROCE7.7 %
ROE4.8 %
Face Value₹ 275

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Real Estate: 96.8% • Power Distribution: 3.2%

PROS

  • Solid return on assets for a lender - ROA of 3.0%
  • Latest quarter profit grew 1529.6% YoY, showing strong momentum
  • Company has consistently been profitable over the last 5 years
  • Company has delivered good sales growth of 22.8% CAGR over last 5 years
  • Operating margins have improved to 75.4% from 67.9%

CONS

  • Company has a low return on equity of 4.1% over last 3 years
  • Company has a low return on capital employed of 7.0%
  • Recurring exceptional / one-off items are inflating headline profit
  • Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS
S.No.NameCMP Rs.P/EMar Cap Rs.Cr.Div Yld %NP Qtr Rs.Cr.Qtr Profit Var %Sales Qtr Rs.Cr.Qtr Sales Var %ROCE %OPM %
1.BAJAJFINSV2010.0031.74322014.330.076296.6718.1542036.9092.2211.8840.79
2.AIIL549.8522.2646694.660.0011082.201075.1914695.401109.3730.2788.91
3.CHOLAHLDNG1558.3510.9629262.300.081788.9942.0411113.5742.9210.5257.53
4.TVSHLTD13946.9514.3228217.610.621173.5873.7717076.1840.0119.3916.25
5.CGCL226.4019.3221783.170.09353.38102.041576.4762.1211.1868.54
6.MAHSCOOTER13359.100.0015267.541.653.32-90.615.41-81.521.0684.10
7.JSWHL11370.6091.8712620.940.0024.54-92.7434.5814.970.5892.45
8.JMFINANCIL126.4511.6312100.762.57368.57-19.661200.539.6911.9158.30
9.TSFINV414.7018.929210.652.69124.95-92.11305.57102.233.4753.35
10.RELIGARE230.10144.407932.320.00-46.98-674.862353.401051.7611.46-2.08
11.KAMAHOLD2440.108.417830.421.70584.0210.804657.567.0720.8622.01
12.MINDSPACE498.000.000.000.002718.121529.629464.381178.527.7075.88
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2024
638
181
Operating Profit
OPM %
Other Income
14
Interest
130
Depreciation
98
242
Tax %
44.29%
Net Profit
0
2
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Dec 2024
649
179
Operating Profit
OPM %
Other Income
25
Interest
144
Depreciation
106
242
Tax %
40.16%
Net Profit
0
2
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Mar 2025
681
197
Operating Profit
OPM %
Other Income
27
Interest
156
Depreciation
104
249
Tax %
61.45%
Net Profit
0
1
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Jun 2025
740
496
Operating Profit
OPM %
Other Income
15
Interest
203
Depreciation
115
259
Tax %
35.61%
Net Profit
167
0
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Sep 2025
772
191
Operating Profit
OPM %
Other Income
19
Interest
204
Depreciation
118
233
Tax %
45.59%
Net Profit
127
2
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Dec 2025
814
186
Operating Profit
OPM %
Other Income
19
Interest
209
Depreciation
122
316
Tax %
39.23%
Net Profit
192
3
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Mar 2026
890
207
Operating Profit
OPM %
Other Income
25
Interest
220
Depreciation
124
364
Tax %
42.72%
Net Profit
209
3
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Jun 2026
9,464
6,038
Operating Profit
OPM %
Other Income
230
Interest
2,561
Depreciation
1,195
3,657
Tax %
25.66%
Net Profit
2,718
4
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
0
Reserves
0
Promoter Pledge %
0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021
1,151
297
Operating Profit
860
OPM %
75
Other Income
5
Interest
171
Depreciation
209
479
Tax %
30
Net Profit
335
EPS
8
Dividend Payout %
0
Minority Interest
-27
Share of Associates
0
Adjusted EPS
5
Minority Interest
-27
Share of Associates
0
Adjusted EPS
5
Mar 2022
1,761
385
Operating Profit
1,385
OPM %
79
Other Income
9
Interest
265
Depreciation
329
714
Tax %
37
Net Profit
447
EPS
7
Dividend Payout %
0
Minority Interest
-24
Share of Associates
0
Adjusted EPS
7
Minority Interest
-24
Share of Associates
0
Adjusted EPS
7
Mar 2023
2,298
744
Operating Profit
1,560
OPM %
68
Other Income
6
Interest
344
Depreciation
355
738
Tax %
58
Net Profit
308
EPS
5
Dividend Payout %
0
Minority Interest
-25
Share of Associates
0
Adjusted EPS
5
Minority Interest
-25
Share of Associates
0
Adjusted EPS
5
Mar 2024
2,462
677
Operating Profit
1,800
OPM %
73
Other Income
15
Interest
458
Depreciation
383
911
Tax %
38
Net Profit
561
EPS
9
Dividend Payout %
0
Minority Interest
-36
Share of Associates
0
Adjusted EPS
9
Minority Interest
-36
Share of Associates
0
Adjusted EPS
9
Mar 2025
2,596
706
Operating Profit
1,970
OPM %
76
Other Income
80
Interest
559
Depreciation
406
968
Tax %
47
Net Profit
514
EPS
8
Dividend Payout %
0
Minority Interest
-37
Share of Associates
0
Adjusted EPS
8
Minority Interest
-37
Share of Associates
0
Adjusted EPS
8
Mar 2026
3,216
792
Operating Profit
2,516
OPM %
78
Other Income
92
Interest
838
Depreciation
479
1,172
Tax %
41
Net Profit
694
EPS
10
Dividend Payout %
0
Minority Interest
-42
Share of Associates
0
Adjusted EPS
10
Minority Interest
-42
Share of Associates
0
Adjusted EPS
10
TTM
11,940
6,622
Operating Profit
OPM %
Other Income
293
Interest
3,194
Depreciation
1,559
4,570
Tax %
29
Net Profit
3,246
EPS
Dividend Payout %
Minority Interest
99
Share of Associates
0
Adjusted EPS
Minority Interest
99
Share of Associates
0
Adjusted EPS

COMPOUNDED SALES GROWTH

10 Years:
5 Years:
23%
3 Years:
12%

COMPOUNDED PROFIT GROWTH

10 Years:
5 Years:
16%
3 Years:
32%

STOCK PRICE CAGR

10 Years:
5 Years:
3 Years:
1 Year:

RETURN ON EQUITY

10 Years:
5 Years:
3%
3 Years:
4%
Last Year:
5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Aug 7

2026

Aug 7

2026

May 5

Income Distribution RITES

2026

Jan 30

2025

Nov 7

2025

May 6

Income Distribution RITES

2025

Jan 29

Income Distribution RITES

2024

Oct 30

2024

Aug 2

Income Distribution RITES

2024

May 9

2024

Feb 6

2023

Nov 6

2023

Jul 31

2023

May 10

2023

Feb 6

2022

Nov 18

2022

Aug 11

2022

May 17

2022

Feb 15

2021

Nov 17

2021

Aug 17

2021

May 20

2025

Jul 28

Income Distribution RITES

Mar 2021
Equity Capital
16,284
19
257
Trade Payables
52
5,505
Total Liabilities
22,118
141
Capital Work in Progress
2
21,060
4
0
Cash & Bank
366
544
Total Assets
22,118
Total Debt
3,755
Net Working Capital
-807
Contingent Liabilities
139
Book Value per Share
274.91
Face Value
274.59
Total Debt
3,755
Net Working Capital
-807
Contingent Liabilities
139
Book Value per Share
274.91
Face Value
274.59
Mar 2022
Equity Capital
16,284
-663
250
Trade Payables
70
6,308
Total Liabilities
22,248
154
Capital Work in Progress
1,350
2
3
0
Cash & Bank
360
20,380
Total Assets
22,248
Total Debt
4,448
Net Working Capital
-1,195
Contingent Liabilities
140
Book Value per Share
263.40
Face Value
274.59
Total Debt
4,448
Net Working Capital
-1,195
Contingent Liabilities
140
Book Value per Share
263.40
Face Value
274.59
Mar 2023
Equity Capital
16,284
-1,501
122
Trade Payables
71
7,700
Total Liabilities
22,676
130
Capital Work in Progress
787
3
7
0
Cash & Bank
427
21,322
Total Assets
22,676
Total Debt
5,454
Net Working Capital
-991
Contingent Liabilities
143
Book Value per Share
249.28
Face Value
274.59
Total Debt
5,454
Net Working Capital
-991
Contingent Liabilities
143
Book Value per Share
249.28
Face Value
274.59
Mar 2024
Equity Capital
16,284
-2,115
1,629
Trade Payables
109
9,096
Total Liabilities
25,003
113
Capital Work in Progress
1,457
3
4
109
Cash & Bank
610
22,706
Total Assets
25,003
Total Debt
6,973
Net Working Capital
-2,083
Contingent Liabilities
165
Book Value per Share
238.93
Face Value
274.59
Total Debt
6,973
Net Working Capital
-2,083
Contingent Liabilities
165
Book Value per Share
238.93
Face Value
274.59
Mar 2025
Equity Capital
16,582
-2,528
1,056
Trade Payables
131
13,242
Total Liabilities
28,484
116
Capital Work in Progress
738
4
5
59
Cash & Bank
741
26,821
Total Assets
28,484
Total Debt
10,110
Net Working Capital
-1,469
Contingent Liabilities
169
Book Value per Share
230.71
Face Value
272.20
Total Debt
10,110
Net Working Capital
-1,469
Contingent Liabilities
169
Book Value per Share
230.71
Face Value
272.20
Mar 2026
Equity Capital
17,697
-2,651
3,335
Trade Payables
115
14,894
Total Liabilities
33,391
107
Capital Work in Progress
1,645
4
5
52
Cash & Bank
1,296
30,281
Total Assets
33,391
Total Debt
12,976
Net Working Capital
-3,176
Contingent Liabilities
201
Book Value per Share
232.08
Face Value
272.96
Total Debt
12,976
Net Working Capital
-3,176
Contingent Liabilities
201
Book Value per Share
232.08
Face Value
272.96

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021
798
Cash from Investing
941
Cash from Financing
-1,504
235
Free Cash Flow
798
OCF / Net Profit
2.38
Cumulative 5-Year FCF
0
OCF / Net Profit
2.38
Cumulative 5-Year FCF
0
Mar 2022
1,162
Cash from Investing
-456
Cash from Financing
-754
-48
Free Cash Flow
-209
OCF / Net Profit
2.60
Cumulative 5-Year FCF
0
OCF / Net Profit
2.60
Cumulative 5-Year FCF
0
Mar 2023
1,393
Cash from Investing
-751
Cash from Financing
-456
186
Free Cash Flow
1,393
OCF / Net Profit
4.52
Cumulative 5-Year FCF
0
OCF / Net Profit
4.52
Cumulative 5-Year FCF
0
Mar 2024
1,527
Cash from Investing
-1,459
Cash from Financing
-164
-96
Free Cash Flow
862
OCF / Net Profit
2.72
Cumulative 5-Year FCF
0
OCF / Net Profit
2.72
Cumulative 5-Year FCF
0
Mar 2025
2,017
Cash from Investing
-1,500
Cash from Financing
-473
45
Free Cash Flow
2,017
OCF / Net Profit
3.93
Cumulative 5-Year FCF
0
OCF / Net Profit
3.93
Cumulative 5-Year FCF
0
Mar 2026
2,414
Cash from Investing
-1,293
Cash from Financing
-919
202
Free Cash Flow
1,501
OCF / Net Profit
3.48
Cumulative 5-Year FCF
5,564
OCF / Net Profit
3.48
Cumulative 5-Year FCF
5,564

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021
EPS (₹)
5.18
Book Value (₹)
274.91
Dividend per Share (₹)
0.00
Cash EPS (₹)
9.17
Operating Margin %
74.67%
Net Margin %
29.08%
ROE %
2.05%
ROCE %
3.24%
1.51%
Debtor Days
7
Inventory Days
1
Payable Days
0
8
Debt to Equity (x)
0.23x
Interest Coverage (x)
3.80x
0.41x
Revenue Growth %
0.00%
Operating Profit Growth %
0.00%
Net Profit Growth %
0.00%
0.00%
P/E (x)
0.00x
P/B (x)
0.00x
Dividend Yield %
0.00%
0.00x
Mar 2022
EPS (₹)
7.15
Book Value (₹)
263.40
Dividend per Share (₹)
0.00
Cash EPS (₹)
13.09
Operating Margin %
78.65%
Net Margin %
25.40%
ROE %
2.80%
ROCE %
4.88%
2.02%
Debtor Days
4
Inventory Days
1
Payable Days
0
5
Debt to Equity (x)
0.28x
Interest Coverage (x)
3.70x
0.33x
Revenue Growth %
52.93%
Operating Profit Growth %
61.07%
Net Profit Growth %
33.60%
0.00%
P/E (x)
0.00x
P/B (x)
0.00x
Dividend Yield %
0.00%
0.00x
Mar 2023
EPS (₹)
4.78
Book Value (₹)
249.28
Dividend per Share (₹)
0.00
Cash EPS (₹)
11.20
Operating Margin %
67.90%
Net Margin %
13.43%
ROE %
2.03%
ROCE %
5.37%
1.37%
Debtor Days
6
Inventory Days
1
Payable Days
0
7
Debt to Equity (x)
0.37x
Interest Coverage (x)
3.15x
0.46x
Revenue Growth %
30.50%
Operating Profit Growth %
12.66%
Net Profit Growth %
-31.03%
0.00%
P/E (x)
0.00x
P/B (x)
0.00x
Dividend Yield %
0.00%
0.00x
Mar 2024
EPS (₹)
8.85
Book Value (₹)
238.93
Dividend per Share (₹)
0.00
Cash EPS (₹)
15.92
Operating Margin %
72.50%
Net Margin %
22.79%
ROE %
3.88%
ROCE %
6.61%
2.35%
Debtor Days
12
Inventory Days
1
Payable Days
0
13
Debt to Equity (x)
0.49x
Interest Coverage (x)
2.99x
0.38x
Revenue Growth %
7.16%
Operating Profit Growth %
15.36%
Net Profit Growth %
81.92%
85.13%
P/E (x)
38.81x
P/B (x)
1.44x
Dividend Yield %
0.00%
14.86x
Mar 2025
EPS (₹)
7.81
Book Value (₹)
230.71
Dividend per Share (₹)
0.00
Cash EPS (₹)
15.10
Operating Margin %
72.81%
Net Margin %
19.79%
ROE %
3.64%
ROCE %
6.74%
1.92%
Debtor Days
12
Inventory Days
1
Payable Days
0
12
Debt to Equity (x)
0.72x
Interest Coverage (x)
2.73x
0.54x
Revenue Growth %
5.43%
Operating Profit Growth %
9.44%
Net Profit Growth %
-8.46%
-11.75%
P/E (x)
47.99x
P/B (x)
1.63x
Dividend Yield %
0.00%
16.35x
Mar 2026
EPS (₹)
10.05
Book Value (₹)
232.08
Dividend per Share (₹)
0.00
Cash EPS (₹)
18.10
Operating Margin %
75.38%
Net Margin %
21.59%
ROE %
4.77%
ROCE %
7.70%
2.24%
Debtor Days
6
Inventory Days
1
Payable Days
0
7
Debt to Equity (x)
0.86x
Interest Coverage (x)
2.40x
0.43x
Revenue Growth %
23.89%
Operating Profit Growth %
27.73%
Net Profit Growth %
35.14%
28.68%
P/E (x)
44.68x
P/B (x)
1.94x
Dividend Yield %
0.00%
16.22x

Shareholding Pattern

Numbers in percentages

TRADES

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Concalls

  • Jan 2026

    TranscriptPPTREC
  • Dec 2025

    TranscriptPPTREC
  • Nov 2025

    TranscriptPPTREC